From MoneyWeek · · 1m 10s
ISA Millionaires Hit Record High
Record 7,730 UK ISA millionaires reached in 2023/24 tax year.
In brief
Record 7,730 UK ISA millionaires reached in 2023/24 tax year. The UK recorded 7,730 ISA millionaires in 2023/24, a 50% increase from 5,070 in 2022/23. Originally reported by MoneyWeek.
Record ISA Millionaires
The number of isa millionaires hit a record high of 7,730 in the 2023/24 tax year.
50% Increase from Previous Year
This represents a more than 50% increase from 5,070 isa millionaires in the 2022/23 tax year.
Average Account Value
The average isa millionaire now holds a pot worth £1,348,000, nearly the same as the previous year.
Plum Director's View
Will Bryant, director of wealth strategy at plum, said patient investing drove this growth.
“A jump of more than 50% in a single year is really telling”
Multi-Millionaire Breakdown
320 isa millionaires hold between £2 million and £3 million, 40 between £3 million and £4 million, and 60 over £4 million.
Tax Advantages
Isa accounts shield investments from capital gains tax and dividend tax, allowing tax-free growth.
How to Become One
Starting with £20,000 annual contributions and 7% annual returns could reach £1 million in 22 years.
The headline
The UK recorded 7,730 ISA millionaires in 2023/24, a 50% increase from 5,070 in 2022/23.
